Revenues up 1,000% , Income up 1,500%
Monday August 16, 11:39 am Eastern Time
Company Press Release
Chancellor Reports Significant Growth in Q2 Revenues and Profits
BOSTON--(BUSINESS WIRE)--Aug. 16, 1999--With over a half a million dollars in profits for the second quarter alone, Chancellor Corporation (CHLR) today announced its operating results for the second quarter ended June 30, 1999. In posting the Company's strongest second quarter in over a decade, the Company nearly matched the operating results for the entire 1998 fiscal year through the first six months of 1999.
``These results speak for themselves,' commented Brian M. Adley, chairman and CEO of Chancellor. ``With the seventh consecutive profitable quarter behind us, and well on our way to our eighth, the turnaround is nearing its final stages. We are pleased with the progress we have made thus far and continue to build our management team around President and COO, Franklyn E. Churchill. We look forward to tackling the challenges of our industry with the unique competitive advantage we have developed. While we are pleased with the results of the implementation of our business strategy, we remain cognizant of the task ahead of us.'
For the period ended June 30, 1999, the Company reported second quarter revenues of approximately $15,834,000, as compared to $1,418,000 for the same period last year, an increase of approximately $14,416,000, or 1,016%. The Company also recorded earnings of $549,000, versus an income of $34,000 for the same period of last year, an increase of approximately $515,000, or 1,514%. The Company's performance in the second quarter was the strongest in nearly a decade.
For the six-months ended June 30, 1999, the Company recorded total revenues of approximately $29,223,000, as compared to $2,423,000 for the same period last year, an increase of approximately $26,800,000, or 1,106%. The Company also reported earnings of $675,000, versus an income of $60,000 for the same period of last year, an increase of approximately $615,000, or 1,025%.
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Consolidated Summary of Operations (in thousands, except per
share amounts)
Three Months Ending June 30,
1999 1998
(unaudited) (unaudited)
Revenues 15,834 1,418
Net Income 549 34
Basic EPS 0.01 --
Diluted EPS 0.01 --
Weighted Average Shares Outstanding
Basic 48,300 35,032
Diluted 54,363 51,032
Six Months Ending June 30,
1999 1998
(unaudited) (unaudited)
Income Statement Data
Revenues 29,223 1,754
Net Income 675 60
Basic EPS 0.01 --
Diluted EPS 0.01 --
Weighted Average Shares Outstanding
Basic 46,039 33,168
Diluted 52,203 49,168
Balance Sheet Data
Total Assets 36,052 6,172
Stockholder's Equity 9,723 290
Chancellor Corporation is spearheading an evolution in transportation equipment finance through innovative financing and fleet management programs. The Company seeks to reduce a customer's total holding cost through its ``Wholesale-Plus' lease pricing strategy and through other value-added services, including asset management, equipment maintenance, fuel management and data management strategies. Since its founding in 1977, Chancellor has completed a total of approximately $1.5 billion in equipment lease transactions for its Fortune 500 and middle market customers in the U.S. and select international markets. Chancellor is a transportation equipment finance and fleet management solutions provider headquartered in Boston. The Company's Internet address is chancellorcorp.com. The Company is publicly traded under the symbol ``CHLR'.
``Safe Harbor' Statement under the Private Securities Litigation Reform Act of 1995:
The statements contained in this release which are not historical facts may be deemed to contain forward-looking statements with respect to events, the occurrence of which involve risks and uncertainties, including, without limitation, demand and competition for the Company's lease financing services and the products to be leased by the Company, the continued availability to the Company of adequate financing the ability of the Company to recover its investment in equipment through remarketing, and other risks and uncertainties detailed in the Company's Securities and Exchange Commission filings.
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Contact:
Chancellor Corporation
Peter J. Mullen, 617/368-2716
pmullen@chancellorfleet.com |
